BPMG joins XPLA as validator

The United Arab Emirates (UAE) has taken a step toward global tax transparency in digital assets, opening a public consultation on how it will implement the Organisation for Economic Co-operation and Development’s (OECD) Crypto-Asset Reporting Framework (CARF) and confirming a formal commitment to the regime. The UAE Ministry of Finance said it has joined the Multilateral Competent Authority Agreement, enabling the automatic exchange of information under CARF, following its intention announced last November. Implementation is slated to begin in 2027, with the first cross-border exchanges of data expected in 2028.Photo by Saj Shafique on UnsplashGlobal rules for crypto tax reportingDesigned by the OECD, CARF establishes standardized rules for collecting and sharing tax-relevant information on crypto activity. UAE officials say the framework will provide greater certainty for industry participants while aligning the country with international tax transparency standards. As part of the rollout, the ministry is seeking input from across the market. Advisory firms, intermediaries, traders, custodians, exchanges, and other stakeholders are invited to weigh in on potential impacts and areas needing clarification. The consultation began on Sept. 15 and runs until Nov. 8, with the aim of shaping clear, effective rules that reflect expert insight and market realities. Solana treasury companyThe policy moves come amid brisk momentum in the UAE’s digital asset ecosystem. A recent announcement outlined the planned launch of Solmate, a Solana (SOL)-based digital asset treasury firm that will emerge from the rebranding of Nasdaq-listed, Ireland-based holding company Brera Holdings. The venture is supported through a $300 million private investment in public equity (PIPE) sponsored by UAE-based Pulsar Group. Brera, known for its multi-club football ownership strategy across three continents, will have that business carried forward under Solmate, which counts the Solana Foundation, RockawayX, and ARK Invest among its investors. Former Kraken chief legal officer (CLO) Marco Santori is also set to become CEO. Tokenization and real estateReal-world asset (RWA) tokenization is another area gaining traction in the UAE. Mavryk, a layer-1 network, has raised $10 million in a round led by financial derivatives provider MultiBank Group. The investment builds on a partnership targeting the tokenization of more than $10 billion in UAE real estate via MultiBank’s RWA platform. Fireblocks will provide multiparty computation wallets to secure tokenized assets on Mavryk’s network. Beyond tokenization, RAK Properties has signed a strategic deal with Hubpay to let foreign buyers acquire homes in the UAE, most notably in Ras Al Khaimah, the country’s sixth most populous city, using cryptocurrencies such as USDT, Bitcoin (BTC), and Ethereum (ETH). Taken together, the UAE’s alignment with CARF and the burst of private sector initiatives point to a market moving toward clearer rules and broader institutional participation, even as the details of implementation are refined through the current consultation. 

China has inaugurated a new center in Shanghai dedicated to the international operation of its central bank digital currency (CBDC), the e-CNY, the People's Bank of China (PBOC) recently announced. The hub also launched three specialized platforms for cross-border digital payments, blockchain services, and digital assets, according to state-run Xinhua News Agency. The initiative is a key part of China's strategy to promote the digital yuan's adoption beyond its domestic borders. This effort aligns with a broader trend among BRICS nations, which have increased their use of the Chinese yuan for trade settlements. A Crypto Briefing report indicates that yuan-denominated payments accounted for roughly 24% of the bloc's trade transactions in early 2025.Photo by Edward He on UnsplashDifference between digital yuan and stablecoinsThe e-CNY, which functions without needing a bank account, is designed for daily uses like retail shopping, salary distribution, and transportation fares. While it cannot be converted into foreign currencies, its cross-border capabilities are being explored through the mBridge project, a multinational effort coordinated by the Bank for International Settlements. In contrast to the state-controlled e-CNY, privately issued stablecoins, blockchain-based tokens pegged to fiat currencies like the U.S. dollar, are also gaining traction. These digital assets, backed by reserves such as U.S. Treasury bills, are widely used for faster and cheaper cross-border payments and remittances. Hong Kong established a clear regulatory framework for stablecoins on Aug. 1, setting high standards for potential issuers. However, the Hong Kong Monetary Authority (HKMA) has stated that it does not expect to grant the first licenses until early next year. Yuan stablecoin in KazakhstanRecently, the HKMA had to clarify the status of stablecoin issuance in the region. According to the South China Morning Post, the monetary authority issued a statement refuting social media reports that the first offshore yuan-pegged stablecoin had been launched in Hong Kong. The company involved, AnchorX, later clarified on X that its yuan-pegged digital asset, AxCNH, was launched in Kazakhstan under a license from the Astana Financial Services Authority (AFSA). Despite its launch outside of Hong Kong, the AxCNH stablecoin is seen by some as part of Beijing's broader ambitions. Yang Guang, the CTO of Conflux, which provides technical expertise to AnchorX, told Reuters that the Sept. 17 launch represents an effort to leverage blockchain technology for international trade. Yang suggested that Beijing would likely support such initiatives if they facilitate commerce, noting that offshore yuan stablecoins could be issued without direct sign-off from China's central bank. Market analysts view China’s latest initiatives as part of a broader, multi-pronged strategy. Augustine Fan, head of insights at digital asset platform SignalPlus, described the stablecoin project as “another venue or trial to push the use of the offshore yuan,” adding that it also reflects the government’s cautiously positive stance toward blockchain technology. China’s stablecoin ambiguityAt the policy level, signals remain mixed. A Caixin report indicated that Chinese digital platforms, state-owned enterprises (SOEs), and financial institutions in Hong Kong may face restrictions on stablecoin and broader crypto activity. In addition, branches of SOEs and major banks are unlikely to seek stablecoin licenses in the region. The English version of the Caixin article remains accessible, but Cointelegraph observed that the Chinese-language version has since been taken down.At the same time, official engagement is visible. The National Natural Science Foundation of China (NSFC), a vice-ministerial institution under the Ministry of Science and Technology that oversees the National Natural Science Fund, earlier announced grants for research on stablecoins and the development of cross-border monitoring frameworks. According to the South China Morning Post, the foundation launched the study in response to concerns that unregulated circulation of private stablecoins, particularly those pegged to the U.S. dollar, could weaken capital controls and pose risks to the yuan. A clearer policy direction is expected once the results of this research are available.

Taipei-headquartered cryptocurrency exchange Woo X has announced the launch of tokenized United States Treasury Bills (T-Bills), marking a significant milestone for the crypto-sector retail investment landscape. In a press release, the company outlined that it has partnered with London-based institutional tokenization platform OpenTrade in order to bring its Earn Vaults product backed by real-world assets (RWAs) to market. The product is being heralded as the first protocol offering tokenized T-Bills accessible to retail investors.Photo by Jorge Salvador on UnsplashStable yield accessWilly Chuang, Chief Operating Officer of Woo X, expressed enthusiasm about the initiative, highlighting its potential to bridge the gap between conventional financial securities and the cryptocurrency market. He told CoinDesk in an email that “for the first time, retail users on a centralized exchange can instantly access an interest-bearing account backed by U.S. Treasury Bills.” With RWA Earn Vaults, Woo X users now have access to stable, predictable yields on their USDC holdings, backed by U.S. Treasury Bills, without encountering additional complexities. These yield-bearing products offer attractive annual percentage rates (APR) ranging from 4.5% to 4.7% for USDC holders. Subscriptions accrue real yields, fully backed by U.S. Treasury Bills, with current annual percentage rates (APRs) for seven-day and 28-day terms standing at approximately 4.5% and 4.75%, respectively. OpenTrade is a tokenization platform supported by Circle, the issuer of the world's second-largest stablecoin, USDC, lending further credibility to the partnership, with USDC boasting a market cap of $34 billion. OpenTrade had established links with Centre, the now-dissolved collaboration between Circle and Coinbase, and the Marco Polo enterprise blockchain project. Interest in RWA tokenizationRecent institutional interest in the RWA tokenization sector is exemplified by BlackRock's launch of the USD Institutional Digital Liquidity Fund, valued at over $298 million. This development underscores the increasing recognition of digital assets as viable investment instruments by traditional financial giants. Additionally, a recent report by CoinGecko highlighted the profitability of tokenized RWAs in the crypto space, positioning it as the second most lucrative narrative in the first quarter of 2024. Lim Yu Qian, an analyst at CoinGecko, noted the substantial profitability of the RWA narrative compared to other sectors, emphasizing its growing prominence.Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX) has emerged as a notable treasury tokenization fund, reflecting the sector's maturation and investor confidence.  Woo X's product offerings extend beyond tokenized T-Bills, encompassing index-linked perpetuals covering crypto meme coins and layer-2 tokens in collaboration with market maker Wintermute. The exchange's native token, WOO, plays a pivotal role in governance and incentivization, offering users the opportunity to stake WOO and earn an average APR of 12.66%. The recent robust performance of WOO, experiencing a price surge of about 30% since its April 13 low, has served to boost the platform further. Tokenization of U.S. T-Bills has witnessed significant growth, with over $1.15 billion worth of assets tokenized through various products by April 2022, highlighting the growing appeal of digital asset-based offerings in the financial sector. This latest product offering benefits retail market participants, giving them increased access to diverse and lucrative investment opportunities in the burgeoning digital asset space.